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Apr 30, 2023
FuelCell Energy Q2 2023 Earnings Report
FuelCell Energy reported strong revenue growth, driven by service agreements, but experienced increased operating expenses and net losses.
Key Takeaways
FuelCell Energy reported a significant increase in revenue for Q2 2023, primarily driven by long-term service agreements. However, the company also experienced increased operating expenses, resulting in a net loss.
Revenues increased by 134% to $38.3 million compared to $16.4 million in the prior year quarter.
Service agreements revenues increased significantly due to new module exchanges at the KOSPO plant in Korea.
The Toyota project in Long Beach is progressing towards commercial operations, expected in the third fiscal quarter.
The company is progressing its manufacturing of solid oxide platforms and expanding its facility in Calgary.
FuelCell Energy
FuelCell Energy
FuelCell Energy Revenue by Segment
Revenue by Segment
Generation Revenue
CapyFin.comAdvanced Tech Revenue
CapyFin.com Forward Guidance
FuelCell Energy is focusing on the commercialization of its hydrogen fuel cell technologies, strategic initiatives, and general corporate purposes.
Positive Outlook
- Customers are increasingly interested in carbon separation and utilization/capture capabilities.
- The company is supported by government policies such as the Inflation Reduction Act in the United States.
- The company is supported by government policies such as the Green Deal in the European Union.
- The company sees significant potential to work with customers to employ carbon capture technologies.
- The company sees significant potential to work with customers to employ carbon utilization technologies.
Revenue & Expenses
Visualization of income flow from segment revenue to net income